LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global arc welding equipment market size is projected to reach USD 4.79 billion by 2021, at a CAGR of more than 4% over the forecast period.
This research report titled ‘Global Arc Welding Equipment Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
APAC is the largest end-user regional segment of the arc welding equipment market and is projected to be worth USD 2.24 billion by 2021. The region is driven by rapidly improving economic conditions, resulting in healthy growth of end-user industries such as automotive, construction, aerospace and defense, and industrial machinery.
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Based on end-user, the report categorizes the global arc welding equipment market into the following segments:
- Automotive
- Construction
- Aerospace and defense
- Shipbuilding
- Others
The top three revenue-generating end-user segments in the global arc welding equipment market are discussed below:
Automotive
“The automotive segment is the largest revenue generator in the arc welding equipment market, projected to be worth over USD 1.3 billion by 2021. This industry incorporates robotics and automation technologies in their welding practices to provide extremely precise and efficient welds,” says Gaurav Mohindru, one of the lead analysts at Technavio for engineering tools research.
The automotive sales in APAC have spiked in recent years, due to increasing sales of passenger cars in the region. There is a very healthy growth in the overall automotive industry, leading to high demand for all related industries, thereby positively impacting the arc welding equipment market as well.
Construction
Welding equipment has become a comprehensive equipment in the construction sector. It is required in the construction of buildings, bridges, pipelines, and massive offshore oil and gas rigs. Additionally, governments in developing and developed countries are creating a high demand for arc welding equipment for the completion of national infrastructure expansion projects such as roads, bridges, and dams. APAC, the US, and Eastern Europe are witnessing quickly growing construction industries, thereby driving the arc welding equipment market.
Aerospace and defense
“The aerospace and defense sector is a crucial end-user segment of the arc welding equipment market, where the structural integrity of the components is paramount. The industry demands high strength-to-weight ratio materials and consequently uses welding to assemble components such as bulkheads, wing roots, hinges, spars, and engine mounts,” says Gaurav.
The commercial aviation sector is experiencing strong growth owing to increase in production levels, driven mainly by the demand for next-generation aircraft and growing passenger traffic. Similarly, commercial passenger aircraft numbers are expected to rise significantly owing to increase in the number of air travel passengers. Thus, the steady increase in commercial aircraft fleets will have a positive influence on the global arc welding equipment market.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Colfax
- Fronius
- ITW
- Lincoln Electric
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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